Abstract Following the publication of a statement of objectives of the American Accounting Association in the March 1936 issue of The Accounting Review, the Executive Committee, governing body of the Association, has authorized the publication of the appended tentative statement of accounting principle, relating primarily to corporate reports. The article presents some of the bases upon which accounting statements rest in the U.S. It includes an experimental formulation of principles having application to perhaps the most significant part of the accountant's field of endeavor. The article says that the most important applications of accounting principles lie in the field of corporate accounting, particularly in the preparation of published reports of profits and financial position. On the interpretation of such reports depend so many vital decisions of business and government that they have come to be of great economic and social significance. Every corporate report should be based on accounting principles that are sufficiently uniform and well understood to justify the forming of opinions as to the condition and progress of the business enterprise behind it.
A Mon, study studied this question.